Larry Bar Opened an Frame Shop and Completed These Transactions

question 74

Multiple Choice

Larry Bar opened an frame shop and completed these transactions: 1.Larry started the shop by investing $40,000 cash and equipment valued at $18,000.
2) Purchased $70 of office supplies on credit.
3) Paid $1,200 cash for the receptionist's salary.
4) Sold a custom frame service and collected a $1,500 cash on the sale.
5) Completed framing services and billed the client $200.
What was the balance of the cash account after these transactions were posted?

• A)$300.
• B)$41,500.
• C)$40,300.
• D)$38,500.
• E)$38,700.

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Definitions:

Descriptive Statistics

Statistical methods that summarize and organize the characteristics of a set of data, including measures of central tendency and variability.

Inferential Statistics

A branch of statistics that allows us to make predictions or inferences about a population based on data collected from a sample.

Central Tendency

A statistical measure that identifies a single value as representative of an entire distribution of data, such as the mean, median, or mode.

Descriptive/Correlational Research Method

A type of non-experimental research method where researchers observe and record participants' behavior to establish relationships between variables without influencing the study's outcomes.